In the latest report from the Bureau of Labor Statistics, the number of job openings in the United States rose slightly to 10.7 million in November, a 2% increase from the previous month. This marks a continued trend of fluctuating job availability, indicating a mixed signal for the labor market as hiring rates have shown a noticeable decline. According to the monthly Job Openings and Labor Turnover Survey (JOLTS), hiring fell to 4.0 million, down from 4.3 million in October, while the total number of quits also dipped to 3.8 million, revealing a tightening labor market. Fed Chair Jerome Powell has mentioned that the labor market remains strong overall, but it is beginning to cool down as the economy faces broader uncertainties. Experts attribute the decline in both hiring and quitting rates to a combination of rising interest rates and economic conditions that have made workers more hesitant to leave their current jobs.
US Job Openings Edge Up Amid Declining Hiring and Quitting Rates
